Published By : 22 Apr 2016 | Published By : QYRESEARCH
The global market for dicamba has experienced an exceptional rise since the last few years. The growing awareness among farmers and agriculturists pertaining to crop protection has fueled the demand for dicamba significantly across the world. The soaring depletion of fertile lands is another factor, propelling this market in the global arena. In addition to this, the increase in the export of dicamba from China is likely to strengthen this market in the nearing future.
Immense Popularity of Dicamba Drives Extensive Demand
A benzoic acid herbicide, dicamba, has gained enormous popularity over the past few years on account of its nominal residual effect on the soil. The herbicide restricts the development of woody plants and broadleaf weeds. As it is absorbed by weeds immediately after sprinkling, it does not have any negative impact on the soil.
Dicamba acts as the first-rate alternative for glyphosate, owing to which, its demand has increased extensively. However, the strict procedure of gaining approval and the drift loss caused by the herbicide are likely to limit the growth of this market in the coming years.
Europe Emerges as Leading Regional Dicamba Market
Europe is emerging as the leading regional market for dicamba. It accounted for a share of approximately 28% of the total revenue generated in the overall market in 2015. North America is likely to acquire the second position in the worldwide market in the forthcoming years.
It held a revenue share of around 24% in the global dicamba market in 2015. In terms of volume, this regional market is poised to expand at a CAGR of 6.50% during the period from 2015 to 2021, whereas, by value, it is anticipated to post a CAGR is 8.50% during the same period.
BASF SE, Monsanto Co., Bayer AG, Syngenta AG, The Dow Chemical Co., Nufarm Ltd., and DuPont are the major participants functioning in the worldwide dicamba market.